Sir Philip Green faces being summoned to give evidence to a second Commons inquiry after MPs said there were 'real questions' to answer about how BHS was managed.

The Business Committee has pledged to investigate the sale and acquisition of the stricken retailer, including whether those in charge had acted in its 'best long term interests'.

Both more recent owner Dominic Chappell and Sir Philip have come under fire for their role in the retailer's demise, with the former reportedly sucking £25million out of the business in the past year and the latter paying his family £400million in dividends from the chain and allegedly mis-managing the pensions scheme.

BHS fell into the hands of administrators on Monday, putting 11,000 jobs at risk across its 164 stores.

Sir Philip Green, pictured with wife Tina, could face appearing in front of two parliamentary inquiries

Taxpayers now face a bill of more than £40million to clean up the mess caused by the collapse of the retailer, including redundancy payments for thousands of staff.

BHS has debts of debts of £1.3billion and industry experts have expressed doubts over whether it can be saved in its current form.

It is understood that a number of retailers, including Sports Direct, led by Mike Ashley, are considering making a play for several stores

Chappell, a twice bankrupt former Formula 3 racing driver, has told the BBC he is looking to buy back the entire business, minus 40 loss-making stores.

Announcing that the Business Committee will probe the 'sale and acquisition' of BHS, chairman Iain Wright said: "The collapse of BHS brings misery and uncertainty for thousands of workers and also places a potentially significant burden on the taxpayer in the form of pension liabilities.

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'The sale and acquisition of BHS raises real questions about whether directors acted in the best long-term interests of the company and their employees.

'Is there too much of an incentive in the system for owners to asset-strip, take out vast sums for personal gain, and then dump and run leaving the taxpayer to pick up the tab when the company fails, rather than create value for the long-term?

'In this inquiry we’ll want to question the role of advisers – the lawyers, bankers, auditors and others who advised on the sale and purchase of BHS – and examine the legal obligations of company directors in this process.'

The BIS committee said the witness list would be decided in consultation with the Work and Pensions Committee, which has already said it will look into the impact on the state-backed Pension Protection Scheme from taking on the liabilities of BHS.

That committee has already said it will call Green as a witness.

Chappell purchased BHS from retail billionaire Sir Philip Green last year and on Tuesday last week, days before BHS fell into administration, moved £1.5million to a company called BHS Sweden, unconnected to BHS.

Chappell told the BBC that BHS's administrators, Duff & Phelps, have been informed of his plans to buy the retailer and that talks with US-based investors are at a 'mature' stage.

Former BHS owner Dominic Chappell

Sir Philip sold BHS with a £571million pension deficit. While not blaming Sir Philip directly for the retailer's demise, when asked where the blame for the retailer's collapse lies, Chappell said: 'You only need to look at the pension deficit when we took it over.'

On learning Chappell had moved £1.5million out of the business last week, BHS's chief executive Darren Topp, demanded the money was returned, which it was last Thursday, minus £50,000 to reflect foreign exchange costs.

Hitting back at allegations he has moved £25million out of BHS in the past year, Chappell said: 'It's a storm in a teacup. All the money that was taken out was legal and legitimate and went to pay fees.'

Labour MP John Mann has called for Sir Philip to pay back the £400million dividend or risk losing his knighthood.